FT News Briefing Do meme 'stonks' still stink?
Feb 1, 2023
Strikes are looming in the UK as public sector workers demand pay raises to combat rising inflation. Meanwhile, the EU is responding to U.S. green subsidies by considering more flexible clean energy support. The podcast also explores the rollercoaster ride of meme stocks like GameStop, highlighting their mixed fortunes post-pandemic. As some companies adapt and thrive, others struggle to pivot successfully. Additionally, China's alcohol industry sees a rebound in consumer activity, despite facing inventory issues.
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EU's Clean Energy Subsidy Plan
- The EU plans to loosen state aid rules for clean energy subsidies to compete with the US Inflation Reduction Act.
- Some member states are cautious, fearing it could create an imbalance in the single market.
Meme Stock Performance
- Meme stock companies raised substantial capital during the pandemic frenzy.
- However, increased capital didn't necessarily translate to improved profitability or performance.
Cineworld's Bankruptcy
- Cineworld, a rival cinema chain, filed for bankruptcy.
- Cineworld stated that they wished they'd been a meme stock like AMC.